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Citigroup Plans Asia Expansion: Report

The giant bank sees an opportunity in its growing Asian fund business.
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is planning to add at least 130 jobs in Asia as it bets on expansion in the Asian fund-management business.

The Citigroup hires will come in its securities and fund services group, which provides back and middle office services to a wide range of money managers -- from hedge funds to mutual funds,

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reported late Thursday. A call to Citigroup's press office was not immediately returned.

The hires would come over the next 12 months and expand the securities and fund services group in Asia by 10% to 12%, according to the report, which adds the unit currently has 1300 employees. The report states that securities and fund services is part of Citigroup's global transaction services group, which produced $1.2 billion in first half revenues.

Earnings outside the U.S. was the big factor that helped Citigroup stand out among competitors like

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when it reported second quarter earnings last month. Citigroup CEO Vikram Pandit has cited providing back and middle office services to money managers around the globe as a major part of his growth strategy at least as far back as Citigroup's annual investor meeting in 2008.

The Citigroup hiring spree in Asia follows closely on reports that

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is planning hundreds of back-office layoffs in its investment bank.


Written by Dan Freed in New York


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